Annual Financial Statements

Government Code Section 12440.1(c) changed the financial reporting requirements for the CSU system and its universities beginning fiscal year 2011-2012. The new legislation eliminates the requirement for campus stand-alone financial statements. Instead, the statement of net assets, statement of revenues, expenses, changes in net assets, and statement of cashflows of each campus shall be included as an addendum to the annual systemwide audit. Summary information on transactions with auxiliary organizations for each campus shall also be included in the addendum.